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  • Articles  (17)
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  • Springer  (17)
  • American Association for the Advancement of Science
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  • Articles  (17)
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  • Springer  (17)
  • American Association for the Advancement of Science
  • Blackwell Publishing Ltd
  • Macmillan Magazines Ltd.
  • Oxford University Press
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  • 2010-2014
  • 2000-2004
  • 1995-1999  (17)
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  • 2002
  • 1998  (17)
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  • 1
    Electronic Resource
    Electronic Resource
    Empirical modeling of money demand (1998)
    Springer
    Empirical economics 23 (1998), S. 295-315 
    Details
    ISSN: 1435-8921
    Keywords: Cointegration ; exogeneity ; financial innovation ; money demand ; parameter constancy ; E41 ; E52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper examines several central issues in the empirical modeling of money demand. These issues include economic theory, data measurement, parameter constancy, the opportunity cost of holding money, cointegration, model specification, exogeneity, and inferences for policy. Review of these issues at a general level is paralleled by discussion of specific empirical applications, including some new results on the demand for narrow money in the United Kingdom.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294409
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  • 2
    Electronic Resource
    Electronic Resource
    Stability of the demand for M1 and harmonized M3 in Finland (1998)
    Springer
    Empirical economics 23 (1998), S. 317-337 
    Details
    ISSN: 1435-8921
    Keywords: Money-in-the-utility-function model ; structural breaks ; demand for money ; narrow money ; harmonized M3 ; C22 ; C52 ; E41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We derive a theoretical model for the demand for money using the adjustment cost augmented money-in-the-utility-function approach. The steady-state-utility function-parameters of the model of narrow money (M1) estimated with cointegration techniques are stable over the foreign exchange rate regime shift; whereas in the model of harmonized M3 (M3H) they arenot stable. The theoretical model fits the M1 data. The adjustment cost parameters of the M1 model describing the dynamics of the demand for money might indicate technological improvements in banking and payments during the sample period. These results suggest that from the Finnish point of view M1 would be a more appropriate intermediate target for monetary policy than harmonized M3.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294410
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  • 3
    Electronic Resource
    Electronic Resource
    Changing monetary transmission mechanisms within the EU (1998)
    Springer
    Empirical economics 23 (1998), S. 455-481 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Cointegration ; long-run impact ; money demand ; IS ; LM ; monetary policy ; capital liberalization ; JEL classification: C32 ; E41 ; E52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the “second ERM” in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegrated VAR model. It provides empirical results on the macroeconomic effects of joining the ERM and financial deregulation.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050031
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  • 4
    Electronic Resource
    Electronic Resource
    Unstable and stable steady-states in the Kiyotaki-Wright model (1998)
    Springer
    Economic theory 11 (1998), S. 275-294 
    Details
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: E40 ; E41 ; E42 ; E43 ; C62.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. I provide new results concerning dynamics for a version of the Kiyotaki-Wright model (1989) in which strategies (either mixed or pure) are restricted so that agents play the same strategy for each opportunity set. My results demonstrate the importance of examining stability in such models, because they show that many steady states focused on in the literature are not stable. Furthermore, I exhibit examples of two-period-convergent equilibria in which agents are indifferent among media of exchange. Consequently, their endogenous transaction pattern is analog to the coexistence of assets whose acceptability or “liquidity” varies inversely with their rates of return.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050188
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  • 5
    Electronic Resource
    Electronic Resource
    The demand for broad money in Norway, 1969–1993 (1998)
    Springer
    Empirical economics 23 (1998), S. 339-354 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Money demand ; price/wage formation ; cointegration ; dynamic specification ; conditional models ; error correction ; JEL classification: C22 ; C32 ; E31 ; E41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. Cointegration analysis is applied to investigate the long run relationships between money, prices, and wages in Norway. Broad money is determined endogenously, and monetary balances were exposed to large shocks during the period of financial deregulation in the midst of the 1980s. In the long run these shocks are absorbed, and a long run demand for money relationship is identified in which real money is determined by real income, the relative price on financial assets (the yield spread) and the relative price on goods (the own real interest rate). Money adjusts dynamically to changes in the exchange rate and private wealth. Domestic price inflation is affected by imported inflation including currency depreciation (a pass through effect), domestic cost pressure (unit labour costs), and excess demand in the product market (output gap effect).
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050024
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  • 6
    Electronic Resource
    Electronic Resource
    A money demand system for German M3 (1998)
    Springer
    Empirical economics 23 (1998), S. 371-386 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Cointegration analysis ; impulse response analysis ; monetary policy ; money demand ; structural vector autoregressive model ; JEL classifications: C32 ; E52 ; E41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. A small macroeconomic model is constructed starting from a German money demand relation for M3 based on quarterly, seasonally unadjusted data for the period from 1976 to 1996. In contrast to previous studies we build a vector error correction model for M3, GNP, an inflation rate and an interest rate spread variable to represent opportunity costs of holding money. Furthermore, import price inflation is added as an exogenous variable. The model is used to analyze the relation between money growth and inflation by means of an impulse response analysis.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050026
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  • 7
    Electronic Resource
    Electronic Resource
    Money demand stability: Evidence from Spain (1998)
    Springer
    Empirical economics 23 (1998), S. 387-400 
    Details
    ISSN: 1435-8921
    Keywords: Money demand ; cointegration ; stability ; regime shift ; E41 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Using several tests for structural stability in regressions with I(1) variables and for the existence of cointegration in models with regime shifts, the empirical evidence on the existence of a structural break in the Spanish long-run demand for broad money (ALP2) is analysed. The results indicate that shifts affecting the demand for ALP2 in recent years have substantially altered its long-run properties. As to the cause of this structural break, emphasis is placed on the role played by the increasing openness of the Spanish financial system to international markets as obstacles to free capital movements have progressively disappeared.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294414
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  • 8
    Electronic Resource
    Electronic Resource
    Stability of money demand in Switzerland: A comparison of the M2 and M3 cases (1998)
    Springer
    Empirical economics 23 (1998), S. 437-454 
    Details
    ISSN: 1435-8921
    Keywords: Demand for Money ; cointegration ; sequential reduction ; E52 ; E41 ; C32
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Long-run parameters of money demand functions for Switzerland's M2 and M3 aggregate are estimated and their stability investigated. For both aggregates a single stable cointegrating vector is found. Around these long-run relationships a single-equation model for Δm2 and a single-equation model for Δcpi is built respectively for M2 and M3, and both estimated models are found to be stable. Testing forecast performance, the Δcpi model seems to be superior to the Δm2 model, providing some positive signs that the M3 model is stable in the sense that it does not suffer from a structural break during the period of estimation.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294417
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  • 9
    Electronic Resource
    Electronic Resource
    Changing monetary transmission mechanisms within the EU (1998)
    Springer
    Empirical economics 23 (1998), S. 455-481 
    Details
    ISSN: 1435-8921
    Keywords: Cointegration ; long-run impact ; money demand ; IS-LM ; monetary policy ; capital liberalization ; C32 ; E41 ; E52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the “secondERM” in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegratedVAR model. It provides empirical results on the macroeconomic effects of joining theERM and financial deregulation.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294418
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    Paper (German National Licenses)
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  • 10
    Electronic Resource
    Electronic Resource
    Stability of the demand for M1 and harmonized M3 in Finland (1998)
    Springer
    Empirical economics 23 (1998), S. 317-337 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Money-in-the-utility-function model ; structural breaks ; demand for money ; narrow money ; harmonized M3 ; JEL classification: C22 ; C52 ; E41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. We derive a theoretical model for the demand for money using the adjustment cost augmented money-in-the-utility-function approach. The steady-state – utility function – parameters of the model of narrow money (M1) estimated with cointegration techniques are stable over the foreign exchange rate regime shift; whereas in the model of harmonized M3 (M3H) they are not stable. The theoretical model fits the M1 data. The adjustment cost parameters of the M1 model describing the dynamics of the demand for money might indicate technological improvements in banking and payments during the sample period. These results suggest that from the Finnish point of view M1 would be a more appropriate intermediate target for monetary policy than harmonized M3.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050023
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